BB4B 7th Report Launch

11 February 25

Click here to view the Seventh Report
Click here to view the Report Launch

Balance for Better Business calls for all organisations to achieve 40%+ target on boards and leadership teams

While ISEQ20 companies reach 40% gender balance representation on boards, initiative’s annual report urges wider change across leadership teams and expanded range of organisations

  • Pace of change slow at leadership level – no female CEOs currently among ISEQ20 firms
  • Proportion of women on the leadership teams of the ISEQ20 falls to 25% from 27%
  • Accommodation & Food Services, Administrative & Support Service, and Financial, Insurance & Real estate top sectors for proportion of women in management roles
  • Details revealed at Seventh Annual Report Launch of the Balance for Better Business (B4BB) Review Group

Dublin, 11 February 2024 – The seventh annual report of the Balance for Better Business (B4BB) Review Group, published today, calls for all organisations to put a plan in place to achieve 40%+ female representation on boards and leadership teams.

Launched by Minister for Enterprise, Tourism and Employment Peter Burke TD and the Balance for Better Business Co-Chairs Carol Andrews and Bernard Byrne, the report highlights the positive business impact, both commercially and culturally, that a gender balanced workforce can deliver and the key actions that can support success.

While the initiative continues to track data on ISEQ20 companies, it is acknowledged that the declining size of this index represents a small proportion of Irish business – approximately 120,000 of the 2.7 million currently in the Irish labour market.

The focus of Balance for Better Business has always gone beyond public listed companies to include privately held companies and multinationals. As we move forward, we will be putting more emphasis on progress in privately held companies as they represent a larger proportion of the economy overall and a greater number of employees.

Stability at board level on ISEQ20

Findings from the report show that there has been sustained and stable progress in the proportion of women at board level on ISEQ20 companies. The representation of women on the boards of Irish companies listed in the ISEQ20 reached 40% for the first time in 2024. The stability around this key threshold is welcomed in meeting the EU’s Women on Boards Directive, with the new rules requiring 40% of board members to be women by 2026. There has now been a significant 22 percentage point increase in female representation at board level since the B4BB initiative was founded in 2018.

Greater change needed at leadership level

While there has been positive progress at board level, findings reveal progress has stalled at leadership level among the largest publicly listed companies. The proportion of women on the leadership teams of the ISEQ20 has fallen slightly from 27% to 24%. The number of all male leadership teams has also become more prevalent. One in five (20%) of ISEQ20 leadership teams are all-male, up from 16% in 2023.

While the number of women in key decision-making roles such as CEO, CFO and Chair is also a concern, the report notes that the small and declining sample size of the ISEQ20 over the past 12 months mean that changes in its composition can result in a disproportionate impact on leadership figures.

Findings show that there are no female CEOs currently on leadership teams of ISEQ20 companies, a fall on last year’s figure as two female CEOs stepped down from their roles. There are two female chairs and four female CFOs across ISEQ listed companies, unchanged from last year’s figures.

Driving sectoral change

To ensure sustainable change, it is crucial that all organisations put a plan in place to implement systems that encourage and facilitate strong pipelines of female talent to leadership level. Findings from the CSO Labour Force Survey, included in the annual report, show that the Accommodation & Food Services, Administrative & Support Service, and Financial, Insurance & Real estate are the three sectors with the highest proportion of women in management roles. This is an indicator of a strong supply of female candidates for leadership level positions.

However, findings also reveal a number of sectors where the supply of female talent is an issue. While data shows that only 9% of professionals in the Construction sector are women, the sector has engaged positively with B4BB and is taking positive steps forward to accelerate its gender balance journey. Similarly, many firms within the Transportation & Storage (19%) sector and Information & Communication (30%) sector are making progress in advancing female representation.

Over the course of 2025 B4BB will continue to roll out sectoral roundtable series focused on driving targeted change across industries where progress has been slow. Recent roundtables held with the hospitality and construction sectors were successful in enhancing understanding of the need to improve gender balance and the specific steps that can help achieve change within these industries.

Commenting on the launch of the report, Minister for Enterprise, Tourism and Employment Peter Burke TD said: “Realising a more balanced workforce and business leadership is crucial to enhancing the future competitiveness of Irish business. Since the Balance for Better Business initiative was founded in 2018 there has been sustained progress in gender balance at board level, with a significant 22 percentage point increase in female representation on Ireland’s largest listed companies over this period.

However, more work remains ahead. It is important that we build on this progress by encouraging Irish business more broadly to accelerate its gender balance journey. Achieving a more diverse and inclusive business ecosystem requires dedicated and consistent action by each and every organisation in Ireland. I’d encourage businesses across the country to engage with the roadmap and guidance developed by B4BB to advance their journey today.”

Balance for Better Business co-chair Carol Andrews said: “Gender balance should be a strategic priority for every business. From influencing the buying decisions of customers to more effectively meeting talent needs, balanced business have consistently shown to be more competitive and better equipped with the capabilities to drive growth.

As the ISEQ20 today represents a smaller proportion of Irish business than in recent years, we’re now shifting our focus to call on all organisations to advance their gender balance journey and reach the 40% plus target on boards and leadership teams. To support firms on their journey, we’re encouraging firms to engage with our roadmap, which can equip firms with the right tools to accelerate change.”

Balance for Better Business co-chair Bernard Byrne added: “Over the past six years there has been consistent and positive progress in gender balance at board level among Ireland’s largest listed businesses. This positive progress can provide a valuable foundation for more widespread and sustainable change across Irish business. From private companies to organisations in sectors where change has been slower, we’re widening our mandate to support all organisations realise the benefits of more balanced leadership. Wherever organisations are on their gender balance journey, we will continue to deliver the targeted recommendations, supports and success stories to inspire and accelerate change in this area.”

To download a copy of the seventh annual report of the Balance for Better Business Review Group, visit: https://www.betterbalance.ie/

ENDS/

For media queries contact:

Suzanne Sullivan, Q4 PR: [email protected] / 086 379 7921

Conor Shearman, Q4 PR: [email protected] / 086 059 6082

Notes to Editor

Balance for Better Business (B4BB)
Balance for Better Business (B4BB) is an independent business-led Review Group established by the government in July 2018 to improve and promote gender balance at board and leadership level of Irish business, which in turn will drive better business and societal outcomes.

Biographies
Carol Andrews is the current Managing Director and Global Head of Client Service Delivery, BNY Mellon and has been a member of the B4BB Review Group since the Government initiative was established in 2018. Carol is a graduate of the Women’s Leadership Forum, a Harvard Business School leadership development programme.

Bernard Byrne is a former CEO of AIB Group plc and former CEO of J+E Davy. During his tenure at Davy he played a key role in the launch of the firm’s ESG advisory arm, the sale of the organisation, and its subsequent integration into the Bank of Ireland Group. He has been a long serving supporter and a Co-Chair of the Financial services arm of the 30% Club.